Our country is going through an experience of its own kind, the one to do with financial transactions and payment services. It all started with using a convenient mode of digital payment for conducting simple give and take of cash. During post-de-monetization, this turned into a must, to do away with complex paper deals, eventually, preferring digital money over cash.
It could just be cash, credit card, debit card or anything. At least one method is important for every transaction you can have. But then there’s more to transactional payments. You probably have a bit more —insurance, business, events, etc. It’s almost like carrying an entire wallet with you in place of a physical wallet which is way so convenient to use.
What is a Mobile Wallet and Digitization
A mobile wallet combines the essence of digital mechanization and compatible devices to make all transactions possible. Mobile devices are mostly used to transact in the best possible manner. This phone can carry everything that a wallet possibly can.
This use has totally revolutionized the world of technology. Progressing from photos to banking facilities, a phone can do it all literally and consumer behavior is swiftly changing too. This mobile wallet is useful from the customers’ perspective more, how people view the contribution of mobile wallets in their daily lives.
India has been recognized as the next fast-growing economy for its financially secure environment. With the increasing number of internet users and mobile phones, India is soon to realize the dream of being a Digital Zone.
With the fast acceptance of digital methodologies, our country is ready for an outburst of government-linked schemes and initiatives. The digital India program is making things simpler for people with few or multiple small transactions. Presently mobile payments cover a smaller portion of the overall financial market but this is soon to spike up at a rate.
Future of Mobile Phones & Tablets
The likely increase in the share of mobile phones and tablets will be increased by 30% by the end of 2020 which is quite huge. The mobile phones have risen from $86 million in 2011 to $1.15 billion in 2016 and this big number will be helpful to estimate the increasing engagement of people in digital means to spike it up even more. An emerging segment of payments contributes towards m-wallet and includes all services including mobile bill payments, utility payments, trip bookings, etc.
Mobile phones were introduced a lot earlier but then this market was duly penetrated much later with the rising need for mobile phones in the market. Mobile money first tried to enter the market in 2011. The recent demonetization endeavor sorted the entire scene for digital money over the paper.
According to a recent study, the Indian e-wallet industry might spiral up to Rs 30,000 crore by the year of 2021-’22. The mobile business along with the wallet business looks to be very favorable, specifically because of the technology that’s working wonders.
With companies like Paytm, Freecharge, Mobikwik, etc, people are no more alien to the mobile wallet concepts and usage. Mobile wallets have a whole world within themselves with an array of functionalities, applications, and experiences.